Inactive Financial Institution Letters
Guidance to Help Financial Institutions and Facilitate Recovery in the Commonwealth of Puerto Rico Affected by Tropical Storm Otto
November 1, 2010
FIL-73-2010 - PDF (PDF Help)
|| The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the Commonwealth of Puerto Rico affected by Tropical Storm Otto.
Tropical Storm Otto caused significant property damage in the Commonwealth of Puerto Rico during the period of October 4 to 8, 2010.
A federal disaster for the Commonwealth of Puerto Rico was declared on October 26, 2010.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the hurricane.
Extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
The FDIC also will consider regulatory relief from certain filing and publishing requirements.
FDIC-Supervised Banks (Commercial and Savings)
in the Commonwealth of Puerto Rico
Chief Executive Officer
Chief Lending Officer
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Tropical Storm Otto in the Commonwealth of Puerto Rico - PDF (PDF Help)
Assistant Regional Director Gregory P. Wyka at (917) 320-2550, or Gwyka@fdic.gov
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2010/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).